The National Bank of Abu Dhabi (NBAD) has opened a representative office in Shanghai, beginning its operations in mainland China.
Founded in 1968, NBAD, in addition to its massive domestic network, has the largest international presence among all UAE banks, with more than 50 overseas business units located in 14 countries. NBAD enjoys one of the strongest combined ratings among Middle Eastern and North African (MENA) financial institutions: Moody’s Aa3; Standard & Poor’s A+; Fitch AA-.
The UAE is now China’s second largest Middle East trading partner. Many Chinese companies are now looking towards the Middle East, especially in infrastructure, transportation, building and construction related industries.
With nearly a half-century of experience and leading brand awareness, NBAD is widely recognised in the UAE and the MENA region. Global Finance magazine has ranked it one of the world’s 50 safest banks for four years in a row since 2009 and the safest bank in the Middle East.
Commenting on the move into China, Michael Hardwick Tomalin, group chief executive of NBAD, said, “Asian markets, especially China, have a vital strategic importance to our global operations. After our entrance to the Far East in 2009 with the launch of our operations in Hong Kong, the opening of the Shanghai representative office demonstrates our full confidence in the Asia market and our capabilities to provide excellent products and services to our customers in Asia and in particular, China in particular.”
The new NBAD Shanghai office, together with the Hong Kong branch, will serve as a gateway to the UAE, the Middle East and North Africa regions for NBAD’s clients in China.
“The new Shanghai office will represent a valuable addition to NBAD’s overseas network, and keeps pace with the global trends and standards for providing customers with innovative and customer-centric products and services. Closer to home, the bank is strategically positioned to capture the trade and investment flows between the UAE and the MENA region with China,” said Qamber Ali Al Mulla, senior general manager of NBAD’s international banking division.
“NBAD’s Shanghai office will be run by talented and experienced local professionals. Their local knowledge will help NBAD, as an international bank, to quickly integrate in the China market,” said Ernest Law, regional manager of NBAD Hong Kong. “With our expertise and experience, we aspire to become our clients’ bank of choice for supporting their business interests in the UAE and MENA region and in other major financial centres.”
Tomalin concluded, “We are proud to stand by our stellar reputation and know that clients want to do business with a bank that they can trust. In doing business there, we will bring the same enthusiasm and passion that we apply in the United Arab Emirates and other countries where we operate to help us succeed and establish deep roots in the China market, as we aspire to become the world’s best Arab bank.”